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The discipline of law and economics deals with wide-ranging topics, from competition and environmental policy to crime control, and has been instrumental in determining how an economy performs. Yet its success has fallen short of its potential. The discipline’s shortcomings are nowhere as visible as in developing economies, where a common refrain is how the law looks good on paper but does not get implemented. This paper articulates a methodological flaw that underlies much of contemporary law and economics, and argues that there is an intimate connection between human beliefs and expectations, on the one hand, and the effectiveness of the law, on the other. I propose a new approach to law and economics that is rooted in game theory and rectifies the flaw. It is argued that this approach can open up new areas of research and be marshalled to address some of the more pressing policy challenges of our time.

International audience; Civil relations at its core contain regulations for the transfer or circulation of certain material assets, which are determined by belonging to a person and an owner. Each such legal relation is established within the limits of implementation of the legal act. The authors of the article consider the possibility of forming such a fact on the basis of the current model of civil legal relations. It should also be said that the formation of an innovative model of legal relations and their cessation in civil law allows increasing the overall social stability in society. The novelty of the study is determined by the fact that for the first time the aspects of the implementation of a legal fact in connection with the methods of stabilisation of civil legal relations through the system of forming an equilibrium model of the contract are shown. Each of the participants in the legal relationship is shown in this model as a participant in the civil turnover and termination of the legal relationship forms the possibility of developing a separate legal field. The authors of the article show that this is primarily facilitated by a system of contractual relations and it can stabilise the occurrence of any negative consequences after the cessation of relations between subjects of law. Practical application of the research is possible in draft concepts of reforming and innovative modelling of civil legal relationships and development strategies.